Novonix signs licensing agreement for furnace technology
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The news: Battery tech firm Novonix has signed a licensing agreement with long-time partner Harper International for graphitisation furnace technology.
The numbers: Under the deal, Novonix will make an initial payment to Harper by December for a licence to design and develop the furnace technology. It will pay additional fees within two years for the right to build equipment based on the licensed technology. The licence will be exclusive for a seven-year period after that.
Novonix shares are up 0.7% to 73.50 cents in early trading on the ASX.
The context: The two companies have previously developed graphitisation furnace technology, which is used to produce synthetic graphite anode material for the lithium ion battery sector. The current agreement will help develop furnaces used for the thermal production of graphite material for use in the battery anode market.
Novonix is building a manufacturing facility at Riverside in Tennessee which will this year become the first large-scale production site for synthetic graphite for the battery sector in North America.
Earlier this week, Novonix announced it was close to purchasing land for a second synthetic graphite mass production plant, also in Chattanooga, Tennessee.
The source: ASX
